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the debt ceiling. and in the rewrite tonight, the idiotic things republicans are saying about guns, and why president reagan and president george w. bush would disagree with them. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. kozachik, k >>> a quick update, joy reid and karen finney apparently didn't change the minds of the nra in the first segment, the ad regarding president obama has not been taken down. the ad has been making the website crash and sometim
closer to maxing out on a credit card. some lawmakers have a plan to fix that whole debt ceiling problem for good. plus folks in the deep south dealing with unusuallynter weat. first alert forecasters say get ready for round two. that's coming up as we reach the bottom of the hour and the top of the news. two minutes away. careful, pringles are bursting with flavor. ♪ pringles... bursting with flavor. >> bill: california man got more than he bargained for when he bought an old camera at cluttered antique store. the french stereo scope pick camera from 1901 cost him only $100. it turned out it contained historic photos from the first world war. they show war torn france including the remains of an airplane and men in uniform posing what appears to be a bomb. >> it was incredible to me that developed images were in the camera but now that i think about it, the serendipity of it and the fact that i saw that camera as i first walked in. >> he says he is going to make prints of the images and eventually sell them. i'm bill hemmer in tonight for shepard smith. this is the fox report. some de
in exchange. >> that's a warning shot from president obama on the debt ceiling deadline, making it clear he's not going to negotiate with the gop insisting on using it, but the president facing a gop unwilling to negotiate with him. a in lawmakers is newly elected congressman ted yoho, a tea party backed conservative. great to have you here. we appreciate your time. congratulations, as you were just recently sworn in. you have made a real name for yourself so far by saying that you really want to make john boehner accountable for what he's doing there on the hill. our first team is reporting that the chief goal of obama's press conference was to -- for raising or not raising the debt ceiling. then this morning former house speaker newt gingrich weighed in saying the gop congress is coming out a loser. >> it's a threat they can't sustain. no one is going to default. no one is going to allow the united states to not pay its bills. no one is going to accept the economic costs. it rallies the entire business community to the president's side. i don't think we should pick fights where we are in
. coming gap, president of bond -- obama demanding part congress dr jobs and raise the debt ceiling. slip in the showers. lawsuits by prison inmates causing taxpayers more than $100 million. i'll break it down next. ♪ gerri: taxpayers on the hook for more than $100 million thanks to lawsuits from prison gerri: here at "the willis report" we bring you the stories of government abuse of our taxpayer dollars every day. today we have a doozy. they say crime pays and, boy, does it. inmates held at rikers island here in new york been suing the city for injuries they say they received in jail. now, some say they slipped on suppleness shower while others say the beds were too short and injured them. i kid you not. one fellow has been locked up in rikers since 2009 for apparently firing on to new york police department cops. he says a stop up rain in the shower cost of defaults. he says the city is at fault for not putting down rubber mats or those big orange hazard comes. people familiar with the sec in order prisoners share names of lawyers, even putting attorney contact information year jail
make sense of investing. adam: before we get to the debt ceiling. california overestimated how much tax revenue they would get from the facebook ipo. the overestimated by $600 million. you can hear jerry brown doing a homer simpson. can you trust governments to get the numbers right? the fight over the debt ceiling is in full force. as democratdemocrats propose a o eliminate it completely and the ratings have come out with two scenarios in which it was downgraded the u.s. credit rating. not good news. some republicans are relishing the debt ceiling does indeed have to be raised. joining us now, ihs chief economist and we appreciate you being here. is this fight we are about to have necessary, and what is going to happen to whether it is the global market, 401(k), what will happen to all of us if congress passes this fight? >> this is not a necessary fight. this situation created by congress which sent the debt ceiling from years ago in hopes it would impose some discipline but of course it hasn't because it has been raised and raised and raised and now it is a source of a contentious de
. remember, raising the debt ceiling isn't additional spending but allows the government to pay the bills it's already racked up on money it's already spent. today, fitch ratings which sets credit ratings for countries around the world warned the u.s. could lose the aaa rating, the highest there is, if there's not a quote median-term deficit reduction plan put in place. what will it take to get a deal? we start with dan gross. his latest piece is titled "obama brinksmanship puts gop in tough spot on debt ceiling." so dan, you write that while you fall off a cliff, you only bump your head in to a ceiling but economically the ceiling has the capacity to deliver far more damage. you are talking like my friend steve kornacki here. what is failing to raise the debt ceiling? why is that going to be catastrophic? >> well, you know, first of all the stock and bond markets will really go haywire in a way they didn't when we were about to go over the fiscal cliff because government bonds are held by everybody. chinese central bank, japanese central bank, every single bank financial institution out the
, house republicans have taken a step back on this debt ceiling standoff. should it be raised. this is how "the new york times" described it over the weekend. i'll put it up on the screen and have you react to it. backing down from the hardline stance, house republicans said friday they would agree to lift the lift the federal government government's statutory barri barring -- borrowing limit for three months, with a requirement that both chambers of the congress pass a budget in that time to clear the way for negotiations on long-term deficit reduction, to add muscle to the efforts to bring democrats to the table, they would include a provision in the debt ceiling legislation saying that lawmakers will not be paid if they do not pass a budget blueprint. was it right to step back from challenging the president over raising the debt ceiling? >> well, i think the house proposal is a step in the right direction. no doubt the senate hasn't done it's job. it's been nearly four years since it's passed a budget. but it doesn't go nearly far enough. we have a crisis. i just got back last week from
of trying to solve the issues with the debt ceiling that are somewhat disturbing to the markets, the eventual solutions could be every bit as disturbing. >> and even bruce mccain with the uncertainties crowneding the economy and what's going on in washington, we've had big inflows into the market and to mutual funds and other things, and that's significant for you, isn't it? >> absolutely. we've seen a willingness to take more risk. i think the downside is that we're also seeing a bit of complacency come into the market, and with uncertainties, especially the fiscal cliff the sequel ahead of us, we think there's opportunities for some disruption of that positive feel-good feeling we're seeing in the market right now. >> all right. how do you want to allocate capital then, bruce? how are you investing in this environment? >> we think it's important not to be taking too little risk, so certainly making sure that you have adequate exposure, especially to things like the emerging markets where the fundamentals of growth are a lot better than they are in the united states is clearly
will not negotiate around the debt ceiling. you know, we're not going to play the same game that we saw happen in 2011. so we're not going to do that. but i will not negotiate around the debt ceiling. we're not going to do that again. >> as i said earlier this week, one of the things i will not compromise over is whether or not congress should pay the tab for a bill they've already racked up. >> what i will not do is to have that negotiation with the gun at the head of the american people. that's not how we're going to do it this time. >> this evolution in the president's strategy for dealing with republicans and recognizing their strategy against him and knowing what he can and cannot expect to get out of them. on the last business day of his first term, it paid off today. and them giving up their demand that he needed to negotiate with them on the debt ceiling. today they recognized that they were not going to get that. and today the republicans caved. and the vix was very happy. at this point, the republicans are still trying to hand contingencies on this. they're still trying to say, they'
telling the world, folks, next week we will authorize a three-month temporary debt ceiling increase. that was the announcement from the majority leader of the house republicans announcing they are giving up on what they had been saying for months was their plan, to not approve an increase in the debt ceiling to thereby push the country again into a self-imposed economic crisis and threat of defaulting on our national debt, and all of the economic panic, we know that causes, because they did it before, thaw they did it in 2011, and eric cantor announced today they are not going to do that again, even though they had been saying for months that they would. they gave up today on that threat. that's why the vix panic index stopped panicking today. that's the nice kickoff for what should be a nice weekend for the president. >>> the white house unveiled the new official portrait. the second term one to refresh your memory. this is the first term one. same flag pin, similar blue tie, i guess. lots more gray up top. i don't know why they decided to go from the close cropped i.d. photo look
armstrong go to jail? the kudlow report begins right now. >> here is my quick take on his debt ceiling stand off. do not mess with the credit rating with the united states of america. however, you can race the debt ceiling and cut spending at the same time. on top of that, you kcan fix th $2 trillion situation. that is my take. charlie wrangle from new york and i begin with you. i don't understand why that can't be done. you can get that done. you are one of my buddies, but i object to you using the default. you have enough cash flow and the vast majority. i hate that argument. i know. but it is wrong to call it default. >> why not avoid default all together. because i believe it distorts the rest of the debate the good congressman and i need to have. >> cutti inting spending, i don want to get hung up on default. it is all bad. welcome back, sir, why can't we have our cake and eat it too? why can't we compromise with spending cuts at the same time too? >> we can do it as long as we recognize it is apples and oranges. our obligation has nothing to do with our inability to govern our own spen
in the debt ceiling that's been proposed by house republicans. the move to extend the nation's borrowing limit for three months is set to come to a vote tomorrow. and that news has reassured markets that the risk is fading that the u.s. will default on its debt for the first time in its history. darren gersh reports. >> reporter: house speaker john boehner said republicans were willing to suspend the debt ceiling for three months. sending democrats to act. >> it has been nearly four years since the senate has done a budget. most americans believe you don't do your job, you shouldn't get paid. that's the basis. no budget; no pay. it is time for the senate to act. >> reporter: the white house called the move by house republicans "significant," though the administration still argues a short-term extension of borrowing authority does not go far enough. >> what we support is a long- term raising of the debt ceiling so that we don't have any doubt or uncertainty for businesses or the global economy about the simple proposition that the united states always pays its bills. >> reporter: at a house hea
unveil their new debt ceiling deal. we examine the good combat command ugly with americans for tax reform president grover norquist later. one ohio teacher said she has a crippling fear of being children, but is still being forced to work with them. she says it is discrimination. we have to ask our legal team about this outrageous case. for on the case next on "the willis report." ♪ ♪ gerri: almost exactly one year ago today in this prgram, in this segment we told you about the president hosting a white house event and a chilling viewers he's serious about tackling unemployment. that was his job council. a combination of academics, union reps command ceos. back in unemployment was eight and a half%. today it has fallen. it has fallen, but not far enough. and i would like to tell you that the jobs council is on the case tried to drive us to zero on employment, but the truth is it is not met in the year. the 26-member panel officially known as the president's council on jobs and competitiveness last convened on january 17th 2012. their mission expires at the end of the month unless obam
. the debt ceiling debate, a presidential report card, and a quiet market rally. what does it mean for your money? joining us now, jared bernstein and former chief economist to vice president biden. also with us is a chief investment strategist with blackrock. thank you so much for joining us. >> thanks for inviting us. >> thank you. >> russ, let me kick it off with you. friday, a pretty good rally. is this rally for real? do you think it's sustainable going forward as we continue through this earnings period? >> i think in the short term it is. i think we're probably going to hit a road bump in february. the reason i say that is we've got a lot of flows coming into the market early in the year. people are nervous in december. they're coming back into stocks. that's a good thing over the longer term. we do have some issues coming up. the debt ceiling, obviously one of them. the second question is as we start to get january's economic data, how big of a hit do we have from the tax increases, the expiration, the payroll tax hold darks and what do those numbers, which may be a bit on the soft
. >> well, good luck with tha >>> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. and water not a dead beat nation. >> sounds simple, doesn't it? but like so many other crises and standoffs from the past two years, raising the nation's debt ceiling is a zero sum props. somebody wins only if somebody else loses. we're speaking of of course politically here, not financially. economically it's hard to find any winners if the treasury can't close the budget gap. runs about $100 million every month. my next guest worries about it a lot. signor partner and managing director of the boston consulting group and author and columnist. so this becomes tricky for people tound, but essentially the debt ceiling, is it the kind of tool that anybody should be used in order to force people to be more austere in the way they spend in the future? >> well, it's a way to do it, but it's a very dangerous way to do it because we start playing with everybody in our economy eye lives. so if we hit the debt ceiling and we don't have a bill that changes
to fight over. is it debt ceiling, is it sequestration, is it the resolution later in march? they could use that bell to call them to order there but it's hard to think that they could find a path. you've got on the one hand, a lot of distension in the rarngs there. but, also, just public opinion seems to be stacked against them. they're on the wrong side of so many issues. they seem to be wanting to plot a course right in the near term. but i think on the other hand, if you look at what democrats are doing, they're trying to chart a course that looks more like where america is more broadly. of course it would put them in good standing for 2014 and 2016. >> now, wes, when we look at the fact that they seem to be further and further away. committee reports that many republicans scoff at the idea of a debt ceiling disaster. and it reads, let me read this to you, to these conservatives, hitting the debt ceiling is no armageddon and the idea of default is just a scare tactic. and they claim not to be frightened. i mean, we could have different opinions, but we can't have different facts. the de
's report card. >> the debt ceiling is a dangerous game. >> i don't see that as a winner for them. >> don't fight battles you can't win. >> it is a troubled time for the party. >> let's stop for a second. >> let's make clear decisions. >> the republican strategy. >> stop talking about rape. >> don't fight battles you can't win. >> it is a troubled time for the party, get something done. >> we have to be the party of new solutions, we're not just going to be the party of no. >> it is groundhog day. >> the conservatives, the retreat, we've come a long way since. >> i'm ezra klein in for lawrence o'donnell, one of the great moments, when redford having just won the election, sits down on the bed taking it all in. the next few words are not just to ever film junky, pretty much to every political candidate. >> what do we do now? >> what do we do now? that is always the question, what do you do now when you have to govern? but it is not just a question that affects winners, sometimes losers of elections have to ask what do we do now? and for them the question can be harder to answer, after all,
.s., much hinges on how washington handles this debt ceiling next. but not all, fitch said that problem is we never seem to get around to deals with the problem behind that mess. quoting fitch a riley, fundamental credit strengths are eroded by large studily declining structure budget deficit, and high and rising public debt. what fitch is not saying, but almost screaming is, the washington sons of fitches are doing not about it, they screamed it. after the cliff, get ready for the crash. i'm not surprised we could still be cut. i'm surprised that fitch has not already done so, john campbell said that triple a rated countries do not we behave this way. i'm surprised it has not already happened. what do you think? >> i know, i just, you know there isal this talk if we get into a big fight over trying to reduce entitlements and making a long-term solution to this, that fitch or some rating agencies may cut our credit rating at this point. if that is what they are doing, they have it backwards. what they should do is they should look at reducing our credit rating, if we don't -- if we do
in temperament and in words on the debt ceiling. >> charlie, i think he realizes he has a winning hand substantively on this and there will be caveats in just a moment. i was struck, however that what this really, his last press conference his first term showed he should have had a lot more than he did. because he's rusty. if was almost analogy can be made to that first debate. he went on too long for a while. he stepped on his narrative some. and if you read t i think reads better than it looked. the reason i say i think he believes he has the upper hand on the debt sealing is because republicans have a losing hand. they don't want to hold the full faith and credit of the united states hostage to cutting entitlements. that's just not a winning hand but there are other games they can play in the middle on that and i think that obama did at best a fairly good job today in countering that. >> rose: major? >> well, the president uses press conference primarily, charlie, to tell the republicans in the countries that's watching and the bond markets and financial markets all over the world t
more people care about that issue than the debt ceiling. >> bill: they get too full of themselves. the problem with the front row particularly the press corps is they represent different networks. they all want to talk about let's say, for example guns. they all want to be on camera asking the question about guns and it doesn't matter if somebody else has already asked the question five different times in five different ways, they're still going to ask it so they can get on camera. that's what's wrong with the press briefings. >> thank you very much for your tweet. >> if you go to the newseum web site and you look at what the country is talking about it is a rich quilt of different issues, different ideas that people around this country are discussing. and the washington press corps questions of one or two topics doesn't even big to cover -- begin to cover what reporters around this country are reporting on, talking about. that disconnect is really jarring, i think. >> bill: it is jarring. i remember as a reporter in los angeles and a comment tater in los angeles, covering preside
under control, but does he think the debt ceiling is the leverage that republicans should use to get that done? he'll join us exclusively, and i know you're going to ask him about that. >> absolutely. >> let's check out the action on the street right here. here's how things are shaping up with less than an hour to go. the dow jones industrial average hitting basically at the highs of the day. had been down around 60 points earlier. talking about a gain of 20 points on the blue chip average. fractional move at 13,527. nasdaq chart pattern looks similar. take a look though it's negative. down about nine points on the nasdaq, a quarter points lower and the s&p 500 looks like this. similar chart pattern as the dow up a fraction on the standard & poor's but still that's the high of the afternoon. let's get more on the markets in today's "closing bell" exchange by hank smith and steve from comcast funds and our own rick santelli. >> hello. >> good to see you guys. >> thank you so much for joining us. >> hank smith, we haven't heard from you in a while. let me kick this off with you. how ar
on 7 news at 9:00. president obama draws new line in the sand on american debt ceiling. tonight what happens if the limit is not lifted and who feels it first. first. >> nissan íáf- >> treasury secretary geithner tell congressional leaders that the government will exhaust its borrowing limit as soon as mid february not march as expected. in the mean time president obama insists tonight that he will not negotiate with house republicans over the debt ceiling. mark matthews looks at the challenge the president is facing. >> president told reporters raising the debt ceiling is not a question of more spending. >> it's simply allows the country to pay for spending that congress has already committed to. >>reporter: then he repeated that. >> raising the debt ceiling does not authorize to us spend more. >>reporter: in the 40 minute press conference he said it half dozen times. >> this is about paying your bills. >>reporter: if the u.s. defaults on the debt. >> social security checks veteran benefit will be delaye delayed. might not be able to pay our troops. honor our contract with
tough ahead of the next big fight with congress over the debt ceiling. >>> the president said vice president biden has presented him with a list of common sense steps to prevent gun violence. but the biggest question is how much of it the administration can actually get passed through the congress. >>> and watching last night's golden globes, one thing was clear to me, america once again feels good about itself. we've got a new sense of optimism, and the movies show it. >>> the latest attack on science by a republican member of the house science committee. what a strange name for that crowd. that's in the "sideshow" tonight. and this is "hardball," the place for politics. zzzquil™ sleep-aid. it's not for colds. it's not for pain. it's just for sleep. because sleep is a beautiful thing™. ♪ zzzquil™. the non-habit forming sleep-aid from the makers of nyquil®. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great id
, there is a debt ceiling vote. now you hear a lot of republicans making noises about backing down from the debt ceiling fight. it is interesting by the way, i know we're not here to talk about that. it is interesting how the conventional wisdom has shifted on that. >> jennifer: quickly too. >> so quickly. just another sign of the shifting sands. it all hinges on how public opinion turns. and you know, is the president going to go out on the stump? is he going to go out and barnstorm the country for his proposals? how much political capital is he going to put into it? if he really builds up public support for the proposals and public support grows and if they feel pressure, he'll bring a vote. >> >> jennifer: just to take you back to that -- not the fiscal cliff, the debt ceiling issue that the republicans do seem to be going soft on, i do think one of the reasons why they went so soft is because major traditionally republican lobbying groups were advocating like the chamber of commerce came out strongly saying this is crazy. i'm wondering if there are other traditionally republican groups like
, and they need to raise the debt ceiling now, so we can pay our bills on time. >> tom: i'm tom hudson. a sour day for apple investors. the stock tumbles to 11 month lows on new worries about waning demand for the iphone 5. >> susie: but a banner day for g.m., the cadillac ats takes car of the year at the big auto show in detroit, and its new corvette stingray wows gear heads around the globe. >> tom: that and more tonight on "n.b.r."! >> susie: the next big fight in washington has begun. president obama today called on republican lawmakers to authorize an increase in the nations debt limit, saying that messing with it could potentially have catastrophic results for many americans and the overall economy. he warned markets would go haywire if congress does not act, interest rates would rise, and checks to social security beneficiaries would stop. and he said even thinking about the u.s. not paying its bills is irresponsible and, "absurd". darren gersh reports. >> reporter: in his first news conference of the new year the president gave a harsh lecture to republicans about the need to raise the deb
ceiling, which is that not everybody understand what the debt ceiling is about. the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you c
a new plan to eliminate the debt ceiling, claiming the gop is exploiting the issue for political gain. doug mckelway is live in washington with more on the democratic plan and the road ahead. hi, doug. >> reporter: hi, jenna. this democratic plan in a nutshell would basically do away with the statute that calls for the debt ceiling in the first place, allowing spending in effect to go up and up and up without the artificial cap that the debt ceiling is indeed. democrats are explaining this in a press conference right now as we speak, so we'll be learning a lot more about it as the day progresses. republicans obviously deeply opposed to this thing, fearful that democrats will indeed use it to allow spending to go up and up. here is senator john barrasso speaking on fox news this morning. >> we have a spending problem in this country. people all across the country know it. they know it in wyoming. families have to balance their budget every year. many states do. we do in wyoming. it is time for the senate and the house and the president to get serious about limiting our spending and spe
as negotiating with republicans directly about whether the debt ceiling will or will not be raised. the president's position is a congressional obligation f congress wants to hand that authority over to him he will be glad to take it but congress needs to send him a debt ceiling increase. remember the debt sealing acording to the treasury department is due to run out to laps and we would approach a default position sometime in the middle of february, just next month. there is not a lot of time. now republicans have said and i asked the president about this you know, historically the debt ceiling because it oftentimes difficult to get votes in congress to pass a debt ceiling, has often been accompanied by fiscal or deficit reduction measures. back in the '80s, the '90s and even in president's presidency himself he has signed four laws raising debt ceiling. three were tied to some sort of fiscal management, legislation itself. but the president now says i'm tired of negotiating all those things, raised the debt ceiling and then i will get on with other conversations with you about dealing with the
miles on every purchase, every day! what's in your wallet? a showdown over the debt ceiling with republicans using the threat of default to try and leverage spending cuts from the white house. representative peter welch is democrat from vermont and he has been calling for the president to envoc the 14th amendment to circumvent congress and protect the economy. congressman, welcome. good to have you with us. before we turn to the debt ceiling, i would like your reactions to the president's proposals to curb gun violence and whether you think those legislative proposals that he made have a chance of getting through either house of congress or both. >> i do. i mean, all of us are just astonished and appalled at what happened in newtown and the idea that a 6-year-old child would have 11 high capacity bullet designed by the military for combat pumped into that little child is really changing the discussion here. so i think the focus on practical things like high capacity magazines, like background checks that work, like trying to come up with appropriate assault weapon ban, these
% undervalued today. dagen: thank you very much. connell: the situation on the debt ceiling approaching quickly, republicans trying to decide what their next move will be. dagen: rich edson in virginia. rich: it is beautiful. a lot nicer than it was yesterday as republicans have concluded their three-day retreat and is about how to extract the most spending cuts and make the most structural spending changes over the number of budget fight and win the debt ceiling, the sequester. government budgeting the deadline hits march. one republican leadership says republicans are when it comes to the debt ceiling settling on a strategy. >> the one thing is we have set a structure moving a short-term so people don't have a fear economically of where we are and are able to move forward to solve this problem once and for all. rich: the strategy would be a short-term debt increased to work on the other spending points and come back to the debt ceiling perhaps in a few months. he says he is not sure when the timing of that vote would be, he only says sooner rather than later. connell: republicans have become
:00 and 9:00 a.m. for the first in line at 9:00. >>> still ahead, debt ceiling deja vu. from social security to interest rates, the president lays down the law and the cuts that could be coming our way. but is the situation as dire as they make it? >>> a somber anniversary in newtown as parents mark one month since their children were killed. their new proposal today and the unthinkable has happened again. a brutal gang rape in india that started with just a bus ride next in "world tonight." >>> also, he used to shoot with his gun. now this former cop uses his camera to shoot 49ers games. >>> welcome back. now if you thought the doomsday scenarios were bad under the fiscal cliff, just wait for what's coming next. >> the debt ceiling talks are under way. president obama warns the dire consequences if congress fails to raise our borrowing limits. in tonight's reality check, sam brock explains why most people should just take a deep breath. sam? >> raj, it would be therapeutic if nothing else. there is certainly little refuting the failure to raise the debt ceiling would send shock waves throug
the u.s. economy and the fed's role in monetary policy. he called on congress to raise the debt ceiling in the release of u.s. can pay its bills. he spoke at the gerald ford school of public policy. >> thank you very much. it is also my great pleasure to welcome all of you here today. on behalf of the gerald r. ford school of public policy, the university of michigan is extremely honored to welcome the hon. ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in our series of distinguished lectures, policy talks at the fort school. we're so pleased that region white can introduce to the events and we're also very president marye sue: here today as well as -- we also have several of the university's executive officers and beans. i would like to welcome all of them and thank them for joining us today. it is an honor and truly personal pleasure to introduce our next guest. the fed's charges to provide a healthy economy. this is a complex and critically important mission and it makes the person at its helm one of if not the most
ceiling. the president insisted he would not negotiate the debt ceiling again. the republican response is to give themselves more time before raising it. the partisan posturing, the positioning, that will yield to partisanning battling anew. >>neil: thank you. now, something that is fascinating. four years ago and again here, they get out of the their cars, the president and the vice president, they wave to the crowd, keep in mind they are feet away from the reviewing stand. they get back in the car. then to the reviewing stand and i am sure there is logic and reason and it has to do with the timing of it all but they are feet away. i could touch them. he will take the rest of the way by car. that is the vice president and the president. they will soon be in the reviewing stand. the former chairman of ubs america, a very, very important influential financial player for the obamas and kitchen cabinet type advisors on all things business community. very good to see you. thank you for coming. >> i have not seen you since election night. good to be on. chuck schumer said today the senate w
to a question of the debt ceiling in recognition of all of this economic-- all of these decisions have an impact on small businesses and the fact that we have gridlock in d.c.? do you want to see them work more with the president and try to get a solution as to maybe, the little less extreme than what the president wants or do you want them to dig their heels in the ground and fight it tooth and nail? >> and the principals, they have to understand they only control one third of the government and they have to work with the president to come to a resolution, and the first thing i'd like to see the senate pass a budget. senate hasn't passed a budget in over four years at this point. i think what's going to happen on the debt ceiling they're going to vote to extend the debt ceiling for a couple of months and that's good. we don't want to be in a situation where we're defaulting or the threat of default, but i think they need to tie that back to something and maybe it's not the big and grand bargain with the entitlement plans right now, but i think at a minimum they have to tie it back to getting a
if there's no solution on the debt ceiling by the deadline day. >>> and this guy, he's teed off, the golfer phil michakelson tee off over his taxes. and he's not going to take it anymore, or is he? sue herera is live at the new york stock exchange. >> earnings are front and center with j & j, dupont, travelers all out with results. more on them in a few minutes. let's get you ahead of the curve. google is getting ready to report its latest results after the bell. fears about an ad revenue and major focus on those shares. google right now is down 3 bucks on the trading session. john is in silicon valley with what investor s need to know ahead of the numbers. >> couple of important themes this quarter, mobile and mobile. mobile's impacted on the core business. as more people do searches from mobile devices, google's revenue has been coming down. it's more than likely this trend will continue as smartphone and tablet sales spike. cbc could come down 11%. it was down 15% last quarter. then we have the nexus 7 and nexts 10 tablets. in q3, some analysts estimate google sold around 100 million tab
this and more house republicans finally unveil their new debt ceiling deal. we examine the good combat command ugly with americans for tax reform president grover norquist later. one ohio teachesaid she has a crippling fear of being children, but is still being forced to work with them. she says it is discrimination. we have to ask our legal team about this outrageous case. for on the case next on "the willis report." ♪ [ male announcer ] now ny humana medicare plans come with a little extra help in the kitchen. in a first of its kind partnership with walmart, humana medicare plans now include 5% savings on great for you healthier foods at walmart! it's part of the vitality healthyfood program... and one more way humana medicare can help you choose what's good for your health and your wallet. so you can spend a little less money... and spend a little more time sharing what you know with the people who matter most. humana. ♪ ♪ gerri: almost exactly one year ago today in this program, in this segment we told you about the president hosting a white house event and a chilling viewers he's se
's the view of all of them. >> of course. >>> we'll move onto the debt ceiling with the government on pace to run out of money by mid-february. >> yesterday, the president warned republican leaders raising the nation's borrowing limit was non-negotiable and congress aimed to use it as lever eventuallyiage for deep s. >> while i'm willing to find middle ground to reduce our deficits, america cannot afford another debate. not paying its bills is irresponsible. it's absurd. republicans in congress have two choices here. they can act responsibly and pay america's bills or they can act irresponsibly and put america through another economic crisis. but they will not collect or ransom in exchange for not crashing the america economy. the financial well-being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. >> you know, it looks like republicans are up against another wall. but they're not going to be able to get -- they're not going to be able to get, quite frankly, some things they really want, if they're serio
because the debt ceiling concern and talks, it's been pretty much nonexistent on the industrial -- >> the markets at fresh five-year highs. >> yeah. it's all because we had the fiscal cliff. and it was so volatile coming into it. we saw some massive swings and massive breakdowns coming into it. it seemed like the market was all over the place. with the debt ceiling, everyone thinks they'll kick the can, raise the debt ceiling up, or get resolved within -- >> that mean the market's at risk? it would seem yes, right? >> see, if you -- my opinion of what will happen is if there's any small breakdown in it, you know, if there's threats that they may downgrade the s&p, whatever, we'll see a breakdown in s&p down to like 14.50, 14.40. but there are so many people waiting on the sidelines, so much cash. and people looking at u.s. equities over the safety play. they'll start coming in, they'll buy. it i think it's going to be a good year for the s&p this year. >> what does earnings season do? hearing from jpmorgan and goldman sachs, the financials have been a driver of major averages mo
that will coalesce. debt ceiling discussion, debt ceiling and the fact that the federal government will run out of money at the end of march. >> all those bring a confluence of an opportunity to drive a debate and drive changes that get us towards long-term prosperity and get us off of this notion that we can just continue to borrow and spend. >> reporter: it is clear most republicans want there to be spending cuts as part of these fiscal matters as they work on long-term extensions or solving these problems long term. jenna. jenna: mike, if we're hearing this, then the white house is probably hearing this as well. any reaction from the white house about potentially this plan from republicans? report or the jenna, --. >> reporter: jenna white house officials are saying if congress doesn't want to raise the debt ceiling they should authority rise president obama to do it himself. they should extend it so it doesn't cause concern for the economy and global markets. >> longstanding tradition for the congress to raise the debt ceiling. this is power they have given themselves, the point is without
that is a laggard. hewlett-packard, american express, a few of the names coming under the pressure. the debt ceiling remains in focus. it is earning season. let's take a look at facebook. it is up about three quarters of 1%. it certainly has gained over the last half hour. we are getting closer and closer to the launch time. come and see what we are building. there is speculation that remains. the anticipation remains. dagen: trying to strategize on how to rein in government spending. connell: rich edson with all the details. rich: a very busy legislative day. they are dealing with this handy appropriation bill. republicans are discussing a number of different options. there is a major house republicans of that. their annual retreat takes place on wednesday. >> when does this budget balance? here is when the budget gets to balance if we adhere to these cuts. rich: republicans trying to figure out their opening position on the debt ceiling. democrats and the white house have already come out with theirs. president obama saying that he is not negotiating it. he says he is willing to talk about deficit
low. that's where the complacency comes from. you see it there. as we move into the debt ceiling debate, it can be far harder to solve than the taxes, we think the market can be down for a while, and before it comes back up. >> so you're looking for a decline, and perhaps that is an entry point for some. do you agree with that? >> i think any decline is an opportunity to buy, maria. i'm very, very bullish on u.s. equities and one of the main reasons i am the u.s. energy story which i think is a story that's not being told as well as it should be. in 2012 the u.s. oil production was up 16%. that was the biggest year over year increase in u.s. oil production since 18 at which just happens to be when we started producing oil so if we think about what's going on. we have right now -- right now we produce oil at 80%, the same price the rest of the world does. we produce natural gas at 25% of the price the rest of the world does. we have cheap energy here in the united states and we feel that will drive manufacturing back to the united states, create jobs, and when all this political s
in less than an hour. >> expected to tee off a vote on the debt ceiling bill. what's their new plan? we'll go live to washington next, and even with the immediate threat of the debt ceiling ahead, another's contrarian view coming up. >> chip murky's quarterly result are due out now. those numbers coming up as we continue on the "closing bell." . ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. there. i said it. they don't have pictures of my kids. they don't have my yoga mat. and still, i feel at home. could it be the flat screen tv? the not so mini fridge? ♪ the different free dinner almost every weeknight? or maybe, it's all of the above. and all the rest. am i home? nope. but it almost feels that way. homewood suites by hilton. be at home. >>> all right. they are teeing off this new debt ceiling bill. john boehner will be housing a meeting with key republican leaders at 5:00 p.m. eastern time. >> reporter: >> that's coming
to be a little breezy as well. meanwhile the problem break through on the debt ceiling. the house gop said they are considering raising the debt limit for three months, a vote is scheduled next week, more details on that in a bit. >>> today, of course is the last full day of president obama's first term and it's the national day of service. day for giving back. earlier today the president and first lady volunteered at a school in the washington, d.c. area, nbc's ron is standing by the national day of service day tent at the mall and you have a special guest there with you as well, good day to you, sir? >> reporter: hey there, craig. my special guest is being mobbed by the crowd behind me. it's the senior adviser to president obama. she will make her way here in a second. as she comes up, we will give her a big welcome. welcome, valerie. pleasure to see you. >> pleasure to be here. can you believe the crowd? it's amazing. >> reporter: the president and first lady created this to really hopefully make it a standing tradition for inaugurations going forward. >> not just inaugurations, my mess
to negotiate. and they fired back that the debate over the debt ceiling was the perfect time to consider legislation to cut spending. at the same time, only a handful of republicans have actually said they'd let the united states default on its bills. >> the president claims this, but republicans have always raised the debt ceiling. we've never seen the debt limit fail to be raised. all they have said is we want to apply the same criteria that the president himself applied when he was a senator and say we don't want to give the president a blank check. we would like to fix the substantive problem which is the level and the growth in the debt. >> reporter: markets are almost treating the fight over the debt ceiling as the sequel to a bad movie. and investors have a pretty good feel for how this cliffhanger ends. >> they don't really care about the brinksmanship until they are right up to the brink, but also, the more dangerous the fall, off the brink, they figure the less likely that it's going to happen. >> reporter: treasury secretary timothy geithner told congress today that unless it
the debt ceiling. president barack obama will not negotiate with congress on this issue. while republicans want any increase in the debt ceiling to be tied to spending cuts... >> the issue here is whether or not america pays its bills. we are not attend beat nation and so -- there is a very simple solution to this. >> now in a statement, house speaker phil boehner indicated the republican party is prepared for a fight and the consequences of increasing the debt ceiling are real but so too is the consequences of allowing our spending problem to go unresolved. >>> they are closely watching this debt ceiling battle in washington and if congress does not act on the debt ceiling, the national economy could fall and that would have a negative affect on california's budget numbers. they revealed a budget surplus in many years and that's thanks to a new tax revenue from proposition 30 as well as spending cuts. >>> the social media is buzzing about a possible announcement by facebook. janine de la vega joins us now from menlo park with more on a mystery event that is going to take place in just a f
on this one. the upcoming debt, certainly, the debt ceiling set the tone, really, for what to expect, we think, for the next four years. the battle over that, already. do you see that as the case? >> well, it's certainly going to be a big challenge, both for the president and for republicans. you're already hearing from republicans that came out of their retreat yesterday, essentially walking back, that they were going to use this debt ceiling pretty much to -- you know, as the democrats like to say, to take the economy hostage, to demand spending cuts. they have backed off of that, looking at some plan to raise the debt ceiling at least for the next three months, to give some time for those talks to happen. and there is a big challenge in coming together, because the president still really feels like absolutely, the debt needs to be focus on, it's a huge issue, big priority, but it needs to be done in a balanced way so that all the spending cuts are not focused on programs for those who are most vulnerable. so we'll see. >> so ana, do you think that the debt ceiling will set the tone between
on the debt ceiling. not sure he's going to have it on guns, but he's going to drive the really hard-line republicans crazy because he's going to be able to break off 40 or 50 of them for all these other things. chris: that seems to be true as much as the opposition is hotter and perhaps hardening out there on the right. it does seem that the center right and the center are in play and obama is making his move toward them successfully. >> their governing philosophy coming in is that the fever would break among the tea party folks, among the hard right, and also that just folks in the house would sort of move to the boehner philosophy, which is a governing philosophy. the sort of -- chris: in other words, you don't need a majority of the republicans to rule. >> you break the rule, which is what he's done on these big-ticket items. they have been meeting over these last couple of days to figure out wait forward. i think the president was smart to step into these debates early and often and frame them in ways that americans can understand. and you have house republicans trying to play c
house republicans could avoid a showdown over the debt ceiling. coming up, we will have a live report from our washington d.c. newsroom with not so hidden agenda. >>> tara moriarty tells us about the four victims shot at and they are all teens. >> reporter: ever since we were here, neighbors stopped by to ask us if we have more information because quite frankly they are shocked as the teens were standing here and somebody drove bias -- drove by and shot at them. you can see the bullet holes. this all happened at 6:00 in grandville and the driveby shooting left four young people ranging in age 13 to 16 and luckily they are all expected to survive. they were struck by bullets by three or four males ins side. two middle school boys were here and we don't know if they were in deed the victims. >> i have seen them playing soccer and i have never had any problems with that family. >> so you really are surprised. >> yes, it is very surprising, very scary. >> right now detectives say they have no motive and they are not saying if the shooting is related. we will keep checking in with them all
the nation's debt ceiling. you saw pete sessions, the rules committee chairman, filing that rule on the house floor a moment ago. they met this afternoon to discuss the flan which would require both chambers of commerce to pass a budget plan by april 15 or have their salaries withheld. the debt at $16.4 trillion. the meeting is an hour and 20 minutes. >> i want to welcome our -- three of our four witnesses that are here. it's always a fun thing to see a star of the show, everybody wants to get their autograph. mr. chairman, welcome to the rules committee. we're delighted that you're here today to discuss h.r. 325, a very important bill. and i noticed the former chairman of the committee, the ranking member, is here. we also welcome her testimony that will begin. we'll give mr. brady a chance to get here, but the chairwoman, the head of the house administration committee, the gentlewoman from michigan, and delighted that you are here. as always, the rules committee is delighted that you've taken time, both we were excited about your presence today. a chance for you to be before the committee a
is going on in the nation, debt ceiling, in light of what is really going on here in the city and county of san francisco we need to involve the constituents, because the taxpayers that pay it, you may get the money from the state or the federal, it is the taxpayers who pay the taxes and we need to have some accountability and some transparency. i am not saying that this contractor is going to do his job i hope he does his job quarterly or twice a year or for the duration of this contract we get some reports. so that we can read and see what is happening. thank you very much. >> is there any other member in of the public that would like to make comments? seeing none public comment is close. (gavel) this is an action item. >> mr. chair? >> i know there is question about work between the mta and the transportation authority. can you talk about those issues and how they were resolved? >> both agencies have responsibility especially mta which has legislation for originating parking in public policy of the transportation authority addresses transportation strategies particularly becau
to raise the debt ceiling, right? president obama warned he will not enter into another game of brinkmanship as he referred to it over the debt sealing with republicans. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. if congressional republicans refuse to pay america's bills on time, social security checks and veterans benefits will be delayed. investors around the world will ask if the united states of america is in fact a safe bet. the full faith and credit of the united states of america is not a bargaining chip. martha: a lot of talk about the president's demeanor at that news conference yesterday. we'll get into that a little bit more coming up but for now does this really come down to an issue of raising the spending limit or defaulting on our credibility as the president has talked about. let's bring in stuart varney, host of "varney & company" on fox business network. so, stuart, you feel the way he is framing this is incorrect? >> yes. we're not going to default, period. we are not going to default. the default means that yo
for the president's dilemma on the debt ceiling. >> the final press conference was held this morning and he talked about the debt ceiling announcing if congress doesn't work with him and raise the debt ceiling america will go into default on the loans and we might have to sell florida. so, take goodbye to nanna and papa. >> you can see jimmy kimmel at the new time following the abc7 at 11. >> and the story behind a baby panda high five that >> on the 4th anniversary of the miracle on the hudson, "sully" sullenberger joins katie couric for a great day and reunited with the passengers he saved in the incredible emergency landing on new's hudson river. >> of all people to be piloting that day, thank god, sully, it was you. sometimes i get on a plane and i am like, sully? anybody named sully on this plane? >> i appreciate that. when i travel as a passenger i have people recognize me and they say i feel better knowing you are here. >> we feel the same way, too. that is katie at 3:00 and you can hear more right here on abc7. on abc7 news at 4:00, a hand's on lesson, high school students get an opportuni
is regarding the debt ceiling why doesn't the president go ahead and implement article 14 of the constitution, and if the republicans want to take this to court, let's go. let's have this conversation. let's explain to the american people why you racked up two wars unpaid for, tax breaks for rich people unpaid for, but you don't want to pay the bills. >> stephanie: exactly. i'm not sure what the white house is -- even on guns -- even any kind of mention of what the president might do on guns they are already talking about impeachment. that's the times we're in. twenty nine minutes after the hour. right back on the "stephanie miller show." ♪ show, to be able to come away armed with the facts, and the arguments to feel confident in their positions. i want them to have the data and i want them to have the passion. but it's also about telling them, you're put on this planet for something more. i want this show to have an impact beyond just informing. an impact that gets people to take action themselves. as a human being, that's really important. this is not j
of the debt ceiling and your own history with the debt ceiling and doesn't that suggest we're going into a default because no one is talking to each other how to resolve this? >> no, major, i think if you look at the history, getting votes for the debt ceiling is always difficult. >> jon: president obama a little testy there answering a question from cbs news white house correspondent major garrett, formerly of this network. it was mr. obama's final news conference of his first term. so, what did you think, judy, about the questions that the president received? only seven of them for a news conference. the answers went on very long. >> you might even say stonewalling answers, each answer was roughly the equivalent of about seven and a half minutes. no wonder there's no time for follow-ups. look, the white house press corps, how many times do we have to talk about it. other than major garrett, who was a sight to see there, even jake tapper said, oh, yes, major always asks good questions, when he was on fox we didn't call on him much. that's what this is about. the white house press c
that's at risk from the debt ceiling debacle? but the full faith and credit of the republic itself? how long can we shrug off this grand canyon plunge that's coming? as we did again with another benign day, dow tipped 29 points, and nasdaq advance advanced .22%. this is behavior. is the market actually smarter than you and i think? i'm starting to believe the latter and tonight i'm going to tell you why. first, i don't necessarily want to invest in a country if it doesn't pay its bills. dead beat country, but i don't mind if it can't pay for its bills but for a moment refuses to. it must honor its debts no matter what. i believe passionately that we will pay debts in a timely fashion. congress is supposed to hold the purse strings, but the american people are less stupid than washington thinks they are. they lived through another one of these scares. that time, we were frightened, frightened about what a ratings agency downgrade would mean to the country. do you remember where you were that weekend when we got the downgrade? i know where i was. philadelphia eagles training camp. and the
the debt ceiling. fitch said the pressure on the aaa is, if anything, increasing. >>> we are four hours away from facebook's secret announcement in menlo park. so far, the guesses range from a facebook search engine to a facebook phone. would either product help lift the stock back with a high water mark. >>> the debate kicks off whether dell can, a, raise the money to go private, and b, reinvent itself without going through cash flow. the journal said the talks have been serious for weeks. >>> lululemon doing a downward dog this morning. raises guidance but not enough to impress investors. >>> the battle over the debt ceiling has warranted a warning from fitch. they said it will prompt a formal review of u.s. credit ratings. fitch does add it expects congress will ultimately approve a ceiling increase. the head of global sovereign ratings for fitch, david riley, will join us in the next hour. bernanke weighing in on the debt ceiling in michigan late yesterday. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills.
right this guy -- maybe this time he means that he is not going to negotiate on this debt ceiling. do you sense that's what is coming out of this? or is there a darker path that they are trying to follow? >> well, what has me so intrigued are the at attentions between the house republicans and the republicans in the senate. if you look at the sequestration and automatic budget cuts, it looks like the house wants to try to blame the senate if things fall apart. so they can say now the burden is on the senate which they have to agree to an overall budget deal by april. and then they can say at that point we'll deal with the debt ceiling. so it was a way to put some pressure on mitch mcconnell. but mitch mcconnell seems to think that okay we'll pass a budget in the senate and then use that as possible leverage with the republicans in the house who might hold up the debt ceiling. >> michael: that makes perfect sense that that is what they are trying to do it is really just passing the buck. the white house held a firm line on saying we're not going to negotiate at a
is what president obama said monday about the debt ceiling. >> so i want to be clear about this, the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending, it simply allows the country to pay for spending that congress has already committed to. >> mike: well, according to the congressional record, in 2006, then senator barack obama had this statement just before a debt ceiling vote and i quote, the fact that we are here today to debate raising america's debt limit is a sign of leadership failure, it's a sign that the u.s. government can't pay its own bills, it's a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies. leadership means that the buck stops here. instead, washington is shifting the burden of bad choices today on the backs of our children and grandchildren, therefore intend to oppose the effort to increase america's debt limit. in 2008, candidate obama blamed president bush and called the growing debt unpatriotic. >> number 43 added 4
weeks back, here is what president obama said monday about the debt ceiling. >> so i want to be clear about this, the debt ceiling is not a question of authorizing more spending. raising the debt ceiling does not authorize more spending, it simply allows the country to pay for spending that congress has already committed to. >> mike: well, according to the congressional record, in 2006, then senator barack obama had this statement just before a debt ceiling vote and i quote, the fact that we are here today to debate raising america's debt limit is a sign of leadership failure, it's a sign that the u.s. government can't pay its own bills, it's a sign that we now depend on ongoing financial assistance from foreign countries to finance our government's reckless fiscal policies. leadership means that the buck stops here. instead, washington is shifting the burden of bad choices today on the backs of our children and grandchildren, therefore intend to oppose the effort to increase america's debt limit. in 2008, candidate obama blamed president bush and called the growing debt unpatriotic.
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